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FINANCIAL NEWS
Property prices escalate on Palm Jumeirah
04 Jul 2013
(MENAFN) Estates prices have escalated on Palm Jumeirah Dubai since March, hitting 11% increase according to new figures unveiled by recently published statistics, Arabian business reported.
Figures showed a swift rise in property prices on the Palm reaching value of USD 1 million for a three bed room apartment and approximately USD 5.5 million for five bed room villas while one-bed and two bed apartments stood at a rise percentage ranged between and 4 and 8%.
On the other hand, rentals for small apartments held steady rising slightly for three- and five-bedroom properties.
Dubizzle spokesperson Ann Boothello said the price increases were foreseeable since investor confidence soared by the announcements of new invstments.
“Established communities like JBR & Dubai Marina attracted attention from investors with the announcement of the Bluewaters Island by Meraas Holding in February … driving values up for properties in nearby communities,” Boothello said.
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